RISMedia Founder and CEO John Featherston addresses a “Power Hour” pre-event session Wednesday at the company’s 2024 CEO & Leadership Exchange in Washington, D.C. Photo by AJ Canaria
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I’d love for him to explain how a seller is going to get a better net by not being exposed to the market. It seems to me that his interest in CCP disappearing is self serving, because he wants his brokerage to be able to double end listings inhouse (which by the way, they are already doing). This is what happens when CEO’s are leading publicly traded companies; they put the shareholders financial interests above clients. Does CCP need to be adjusted, yes. Eliminated, absolutely not.
Robert Reffkin and Compass is only critical on the CC rule because they want to hide their listings from other brokerages & MLS and promote their listings as an exclusive benefit that they only control. Redfin and Compas was doing this unethical practice prior to the rule and NAR put a stop to it before it got out of control. I had buyers sending me listings that were only on their personal websites… Saying to me, “why didn’t you show me this property?” That could only be found on one brokerage’s site but not on the public MLS. This is beyond dumb and unfair to all other brokerage to do this. This is exactly why NAR put a stop to it and created the CC rule in the first place. Any brokerage leader that doesn’t support the Clear Cooperation rule is acting selfishly and not in the benefit of the industry as a whole. We need agent leaders running brokerages, not corporate fatcats.
Reffkin’s argument is self-serving, but the CCP is not the answer. CCP is illegal under antitrust law because any alternative MLSs listings disadvantaged against NAR MLSs. It will be revoked in federal court.
The answer? Any broker that does not fully-utilize MLS to advertise listings will eventually suffer backlash from the sellers.